Tungsten Carbide Powder Market: Current Analysis and Forecast (2024-2032)
Emphasis on Application (Machine Tools, Cutting Tools, Recycling Tools, Wear Resistant Tools, and Others); End User (Aerospace and Defence, Automotive, Mining and Construction, Electronics, and Others); and Region/Country
Tungsten Carbide Powder Market Size & Forecast
The tungsten carbide powder market was valued at approximately USD 17.07 billion in 2023 and is expected to grow at a considerable CAGR of around 5.85% during the forecast period (2024-2032) owing to the growing demand from metal working industries, extended mining operations and increased infrastructural development projects.
Tungsten Carbide Powder Market Analysis
The Tungsten Carbide Powder Market is expected to grow at a steady rate of around 5.85% owing to the growing demand from metal working industries, extended mining operations and increased infrastructural development projects. Tungsten carbide, because of its high hardness and wear resistance, has no substitute in many industrial uses. The automotive and the aerospace industries are also one of the biggest consumers of high-performance cutting tools and wear-resistant components. For instance, as National Mining Association published in its report, 2020, the United States mined 535.4 million short tons of coal, in 2023, it mined reached 577.5 million short tons. The manufacturing sector across diverse end users has shown significant market share and is expected to retain the largest market share throughout the forecast period. This dominance is attributable to the fact that most applications of metal cutting, forming, and machining today incorporate tungsten carbide tools. Automotive and aerospace industries act as the primary clients for these cutting tools because those industries are sensitive to precision cutting tools. There is already a shift toward auto manufacturing and high-speed machining, to name a few, therefore boosting the call for first rate tungsten carbide tools. For example, BMW Group reported an increase in their tooling consumption for their new electric vehicle production lines, with tungsten carbide tools making up 70% of their cutting tool inventory.
Recent Developments in the Market:
March 2024: Hardide plc, known as Hardide Coating launched the first in a new range of Hardide Enhanced Components with a JP-5000 4” copper nozzle used in High-Velocity Oxy Fuel (HVOF) thermal spray coating. The tungsten/tungsten carbide-based Hardide® chemical vapour deposition (CVD) coating is proven to extend the operational life of HVOF thermal spray copper nozzles by 5 to 40 times when spraying carbide or metallic-based powders. The ready coated nozzles include O-rings suitable to withstand the higher temperatures generated in longer periods of service.
July 2022: H.C. Starck Tungsten Powders (“HCS”), a wholly owned subsidiary of Masan High-Tech Materials signed an agreement with Nyobolt Limited (“Nyobolt”) worth of £45m (~USD 52 million) for the development of tungsten intensive battery. Nyobolt Limited (“Nyobolt”), a fast-charging Li-ion battery solutions company that leverages HCS’s advanced tungsten materials in its anode.
Tungsten Carbide Powder Market Trends
AI-Driven Predictive Maintenance
One of the major trends arising in the tungsten carbide powder market is the growing number of mergers and acquisitions to strengthen supply chain, innovation and broader market opportunity. This trend is gradually set to escalate because large players within the market will continue to acquire other companies to cement their market standing, while mid-tier participants will keep on partnering to offer competitive services. The likely outcome for consumer markets will be moving towards more concentration, but it will also be more efficient and technically superior.
May 2024: Masan High-Tech Materials, the parent company of H.C. Starck Tungsten, signed a framework agreement with Tokyo-based Mitsubishi Materials Corporation Group for the sale of all shares in H.C. Starck Holding. Mitsubishi Materials Corporation Group
July 2024: Hyperion Materials & Technologies, one of the leading global materials science companies that develops advanced hard and super-hard materials for a variety of industries and applications has entered into a definitive agreement to acquire the operations of Damen Carbide Tool Co., Inc, (“Damen Carbide”). Damen Carbide is a Wood Dale, Illinois-based company that specializes in grinding and EDM finishing of carbide and ceramic components.
Asia Pacific is expected to dominate the market during the forecast period
Asia Pacific held the majority share of the market in the year 2023. The major factors contributing to the growth of the market include the rapid industrialization and the emergence of electric vehicles in the region. Additionally, the region has focused on manufacturing capabilities and the expansion of infrastructure projects has consequently driven the tungsten carbide powder market. For instance, the Chinese government announced its 2024 Budget in March 2024. The budget includes an expenditure of CNY28.6tn (USD 4tn) in 2024 – which is an increase of 3.8% compared with the 2023 Budget. Also in March, the government announced it plans to invest CNY1.2tn (USD 173bn) in transport infrastructure projects by the end of this year. Furthermore, in March 2024, the Yangtze River Delta region government announced an investment of CNY140bn (USD 19.6bn) to develop 32 railway infrastructure projects in the region in 2024. In February 2024, the Shanghai government announced it plans to start work on 24 projects with a combined investment of CNY42.1bn (USD 5.8bn) in 2024. Additionally, the region has the highest growth in the adoption of new technologies such as additive manufacturing, and 3D printing. Furthermore, the growing government initiative to promote industrial development further supported the development of tungsten carbide powder market. Thus, amongst areas, Asia Pacific held a significant share of the market in the year 2023.
Tungsten Carbide Powder Industry Overview
The tungsten carbide powder market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Sandvik AB, Global Tungsten & Powders, A.L.M.T. Corp., Merck KGaA, CERATIZIT S.A., Kennametal Inc., JAPAN NEW METALS CO., LTD., Extramet AG, Federal Carbide Company, and Hyperion Materials & Technologies.
Tungsten Carbide Powder Market Report Coverage
Report Attribute | Details |
Base year | 2023 |
Forecast period | 2024-2032 |
Growth momentum | Accelerate at a CAGR of 5.85% |
Market size 2023 | USD 17.07 billion |
Regional analysis | North America, Europe, APAC, Rest of the World |
Major contributing region | Asia Pacific is expected to dominate the market during the forecast period. |
Key countries covered | The US, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, and India |
Companies profiled | Sandvik AB, Global Tungsten & Powders, A.L.M.T. Corp., Merck KGaA, CERATIZIT S.A., Kennametal Inc., JAPAN NEW METALS CO., LTD., Extramet AG, Federal Carbide Company, and Hyperion Materials & Technologies. |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Reasons to buy this report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
The report presents a quick review of overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The global tungsten carbide powder market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Tungsten Carbide Powder Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global tungsten carbide powder market were the three major steps undertaken to create and analyze the adoption of tungsten carbide powders in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global tungsten carbide powder market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the tungsten carbide powder market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the tungsten carbide powder market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as application, end user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the tungsten carbide powder market. Further, we conducted factor analysis using dependent and independent variables such as application, end user, and regions of the tungsten carbide powder market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the tungsten carbide powder market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global tungsten carbide powder market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
The industry’s market size, in terms of revenue (USD) and the adoption rate of the tungsten carbide powder market across the major markets domestically.
All percentage shares, splits, and breakdowns of market segments and sub-segments.
Key players in the global tungsten carbide powder market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global tungsten carbide powder market. Data was split into several segments and sub-segments after studying various parameters and trends in the areas of application, end user, and regions in the global tungsten carbide powder market.
The main objective of the Global Tungsten Carbide Powder Market Study
The current & future market trends of the global tungsten carbide powder market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Analyze the current and forecast market size of the tungsten carbide powder market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
Segments in the study include areas of the application, end user, and regions.
Define and analyze the regulatory framework for the tungsten carbide powder
Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
Analyze the current and forecast market size of the tungsten carbide powder market for the major region.
Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
Company profiles of the tungsten carbide powder market and the growth strategies adopted by the market players to sustain in the fast-growing market.
Deep dive regional level analysis of the industry.
Frequently Asked Questions FAQs
Q1: What is the tungsten carbide powder market's current market size and growth potential?
The tungsten carbide powder market was valued at USD 17.07 Billion in 2023 and is expected to grow at a CAGR of 5.85% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the tungsten carbide powder market?
The increasing demand for durable, high-performance materials and advancements in manufacturing technologies are driving the tungsten carbide powder market.
Q3: Which segment has the largest share of the tungsten carbide powder market by application?
The cutting tools segment has the largest share of the tungsten carbide powder market by application.
Q4: What are the emerging technologies and trends in the tungsten carbide powder market?
The growing number of mergers and acquisitions is one of the major trends in the tungsten carbide powder market.
Q5: Which region will dominate the tungsten carbide powder market?
Asia Pacific is expected to dominate the market during the forecast period.
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